Deutsche Bank CEO Investing 15% of Monthly Pay in Bet on Shares

Photographer: Alex Kraus/Bloomberg where his mouth is. The chief executive officer will invest 15% of his monthly net salary in the lender’s shares, starting with a 22,144 euro ($24,303) investment on Aug. 30, Deutsche Bank filings show. That goes beyond standard practice at German companies, where senior executives are frequently awarded stock as part of their bonuses. Sewing kicked off Deutsche Bank’s biggest overhaul in recent memory earlier this year after attempts by his predecessors failed to restore the globally-important lender to profitability. The bank has yet to convince investors that it can meet goals for raising revenue in businesses it wants to keep, while exiting stock trading and firing staff across the firm. The stock purchase program runs from …

Argentina slaps controls on the peso as currency crisis grows

London (CNN Business)Argentina is taking desperate action to keep dollars in the country as it tries to prop up its collapsing currency and avoid defaulting on its debt for the third time since 2000. The currency crisis poses a huge risk to Argentina, which signed on to a $57 billion bailout with the International Monetary Fund last year. It previously defaulted on its debts in 2001 and 2014. Fears are rising that the country could default again, since Argentina has “significant exposure” to dollar-denominated obligations, according to Moody’s, which downgraded Argentina’s rating last week. “The government’s recent decision to delay repayment on short-term debt and stated intention of restructuring a portion of medium- and long-term debt signals mounting pressure on …

World’s biggest milk exporter hurt by turmoil in Venezuela and China’s slowdown

Hong Kong (CNN Business)The world’s largest dairy exporter says it expects to lose nearly half a billion dollars this year, and won’t pay its shareholders a dividend. Fonterra said it expects to report a loss of as much as $436 million in the latest financial year, which just ended. The company will report its annual results next month. Fonterra shares sank 5.1% in New Zealand on Monday. The company attributed its struggles in overseas markets to a wide range of problems. Economic conditions in Brazil are hurting sales volumes and prices, while Fonterra’s Australian business has been hit by drought, reduced milk supplies and industry competition. Business in China and New Zealand also hasn’t been as strong as the company …